Author - OTI

On Track Innovations Signs Long-Term Service Contract with Mazowieckie Railways

Rosh Pinna, Israel – June 6, 2018 — On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, today announced a new long-term service contract with the Mazowieckie Railways Company.

As part of the four-year contract, which as an estimated value of $155,000, OTI Europa will provide and maintain Mazowieckie Railways’ Masovian Smart Cart IT system in support of electronic ticket sales. Mazowieckie Railways is part of an integrated public transit system that provides regional passenger rail service on behalf of the Mazowieckie voivodeship local government, Poland’s largest and most populous province.

“We are pleased that Mazowieckie Railways chose OTI as their partner for ongoing IT support,” said Shlomi Cohen, CEO of On Track Innovations. “Our significant experience within the European mass transit market positions us favorably for future contract wins in this segment. This multi-year service contract stands as a testament to our continued efforts to build a steady base of long-term recurring revenues, which we believe will be a notable long-term value driver for our shareholders. We look forward to continued execution on this front.”

 About OTI

On Track Innovations (OTI) is a global leader in the design, manufacture, and sale of secure cashless payment solutions using contactless NFC technology. OTI’s field-proven innovations have been deployed around the world to address cashless payment and management requirements for the Internet of Payment Things (IoPT), wearables, automated retail and petroleum markets. OTI distributes and supports its solutions through a global network of regional offices and alliances. OTI is the proud recipient of the 2017 AI Award for Best Cashless Payment Solutions Provider – Israel. For more information, visit www.otiglobal.com.

Safe Harbor / Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Whenever we use words such as “believe,” “expect,” “anticipate,” “intend,” “plan,”  “would,” “should,” “will,” “look-forward,” “can” or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss, among others:  our plans for the future, our expectations regarding future product launches and growth into new markets, traction with our cryptocurrency efforts and our expectation of bringing tremendous value to our industry while generating predictable, high-margin, recurring revenues for the Company and great value for our shareholders.  Forward-looking statements are made as of the date of this document and are inherently subject to risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements.  Additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements are stated under the captions “Risk Factors” in our most recent Annual Report (Form 10-K) and other known and unknown uncertainties and risk factors including those detailed from time to time in the Company’s filings with the Securities and Exchange Commission.  Forward-looking statements are made as of the date of this release, and we expressly disclaim any obligation or undertaking to update forward-looking statements. The reader is cautioned not to place undue reliance on forward-looking statements.

Investor Relations Contact:

Greg Falesnik

MZ North America

1-949-385-6449

Greg.Falesnik@mzgroup.us

Read more...

On Track Innovations Secures New Ticketing Contract in Poland

ROSH PINNA, Israel, May 29, 2018 – On Track Innovations Ltd. (OTI) (NASDAQ: OTIV) (the “Company” or “OTI”), a global provider of near field communication (NFC) and cashless payment solutions, has announced that the Company’s European branch, OTI Europa ASEC (ASEC S.A.), has signed a new agreement to provide intermediation in the sale of train tickets for trains operated by Mazowieckie Railways in Poland.

As part of the contract, OTI Europa ASEC will provide service to the Masovian Card and share information via the info-kiosk using 84 ticket vending machines. The contract has a one-year value of approximately $500,000 USD to OTI.

“Our ticketing sales network in Poland continues to gain traction in a meaningful way, which we view as a testament to the value we offer to our customers,” said Agnieszka Swiatly, Managing Director, OTI Europa ASEC.  “We look forward to a long and successful relationship with Mazowieckie Railways as we work to expand our footprint and gain additional market share in the year ahead.”

About Mazowieckie Railways

Since 2005, the Mazowieckie Railways has provided a public service in the field of regional rail passenger services on behalf of the Mazowieckie voivodeship local government.  Mazowieckie has provided high-quality passenger rail transport in the Warsaw agglomeration and the rest of the Mazowieckie Voivodeship, as part of an integrated public transport system.

OTI Europa ASEC (ASEC S.A.) is one of the largest operators of e-ticketing and paper ticket sales systems in the public transport on polish market. It creates, delivers, implements and supports IT systems for public transport, OTI Europa ASEC provides and integrates certified solutions for contactless payments, allowing for quick cashless payment transactions with bank cards and NFC.

OTI Europa ASEC is a part of OTI – On Track Innovations group. For more information, visit www.otieuropa.com.

About OTI

On Track Innovations (OTI) is a global leader in the design, manufacture, and sale of secure cashless payment solutions using contactless NFC technology. OTI’s field-proven innovations have been deployed around the world to address cashless payment and management requirements for the Internet of Payment Things (IoPT), wearables, automated retail and petroleum markets. OTI distributes and supports its solutions through a global network of regional offices and alliances. OTI is the proud recipient of the 2017 AI Award for Best Cashless Payment Solutions Provider – Israel. For more information, visit www.otiglobal.com.

Safe Harbor for Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Whenever we use words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “will,” “look forward” or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss our expectations regarding gain additional market shares, our growth or profitability, expected divestitures, plans for our existing and new products and services, penetration of new markets and securing new customers and deliver long-term shareholder value. Because such statements deal with future events and are based on OTI’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of OTI could differ materially from those described in or implied by the statements in this press release. Forward-looking statements could be impacted by the effects of the protracted evaluation and validation periods in the U.S. and other markets for contactless payment cards, or new and existing products and our ability to execute production on orders, as well as other risks and uncertainties, including those discussed in the “Risk Factors” section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2016, and in subsequent filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be achieved. Except as otherwise required by law, OTI disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or circumstances or otherwise. The reader is cautioned not to place undue reliance on forward-looking statements.

Investor Relations Contact:
Greg Falesnik
MZ North America
1-949-385-6449
Greg.Falesnik@mzgroup.us

Read more...

On Track Innovations to Present at the Ladenburg Thalmann Technology Expo in New York on May 31

Rosh Pinna, Israel – May 25, 2018 — On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, today announced that management is scheduled to present at the Ladenburg Thalmann Technology Expo in New York City. The conference is being held on May 31, 2018, at Convene on Park Avenue.

On Track Innovations management will host one-on-one meetings throughout the day on May 31st and is scheduled to present as follows:

Ladenburg Thalmann Technology Expo

Date: Thursday, May 31, 2018

Presentation Time: 8:30 a.m. Eastern time

Location: Park Hub East Room – Convene, 101 Park Avenue, New York City

Registration is mandatory for conference participation. For more information on the conference or to schedule a one-on-one meeting, please contact your Ladenburg Thalmann representative.  

 

About OTI

On Track Innovations (OTI) is a global leader in the design, manufacture, and sale of secure cashless payment solutions using contactless NFC technology. OTI’s field-proven innovations have been deployed around the world to address cashless payment and management requirements for the Internet of Payment Things (IoPT), wearables, automated retail and petroleum markets. OTI distributes and supports its solutions through a global network of regional offices and alliances. OTI is the proud recipient of the 2017 AI Award for Best Cashless Payment Solutions Provider – Israel. For more information, visit www.otiglobal.com.

 

Safe Harbor / Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Whenever we use words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “would,” “should,” “will,” “can” or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss, among others:  our plans for the future, traction with our cryptocurrency efforts and our expectation of bringing tremendous value to our industry while generating predictable, high-margin, recurring revenues for the Company and great value for our shareholders.  Forward-looking statements are made as of the date of this document and are inherently subject to risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements.  Additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements are stated under the captions “Risk Factors” in our most recent Annual Report (Form 10-K) and other known and unknown uncertainties and risk factors including those detailed from time to time in the Company’s filings with the Securities and Exchange Commission.  Forward-looking statements are made as of the date of this release, and we expressly disclaim any obligation or undertaking to update forward-looking statements. The reader is cautioned not to place undue reliance on forward-looking statements.

 

Investor Relations Contact:

Greg Falesnik

MZ North America

1-949-385-6449

Greg.Falesnik@mzgroup.us

Read more...

OTI – Europa (NASDAQ: OTIV) is seeking a talented Software Developer

Location: Krakow, Poland, Buma Square Business Center

Job Description:

Sofware Developer

OTI Europa (NASDAQ) is seeking a talented Software Developer

To join our continually growing R&D team focused on various projects within EUROPE.

EXPECTATIONS AND TASKS:
If you demonstrate a high sense of professionalism, you handle tasks with enthusiasm and personal commitment; you can work closely and collaborate with other company solution areas as a critical team member – then we are looking for YOU to join our exciting team!

Software Developer, credentials:
1. Education: Software engineer or Computer science
2. Previous experience:
• At least three years as a developer with agile software
• At least two years as a full stack web developer
• Work in a flexible environment as a bonus
3. Technologies/languages/tools:
• C#, MS SQL Server, Visual Studio, JS, ASP.NET
• MVC, Azure, Angular, HTML5, Bootstrap, React, TypeScript, a bonus
4. Languages: English
5. Personal characteristics:
• Creative, curious and friendly, willing to learn,
• punctual, responsible, reliable, open-minded thinking and a fast learner
• Cooperative closely within the company R&D areas, and stakeholders

We are waiting for your application!

English (Technical Writing & Reading)

Please send cv to  praca@otieuropa.com

Read more...

OTI – Europa(NASDAQ: OTIV) is seeking a talented Test Automation Engineer

Location: Krakow, Poland, Buma Square Business Center

Job Description:

OTI Europa, Poland, (NASDAQ OTIV) is searching for a talented Testing Engineer to join our continually developing R&D team, focusing on different projects within EUROPE.

EXPECTATIONS AND TASKS:
If you demonstrate a high sense of professionalism, you handle tasks with enthusiasm and personal commitment; you can work closely and collaborate with other company solution areas as a critical team member – then we are looking for YOU to join our exciting team!

As Dedicated Testing Engineer, You will:

1. Responsibilities
• Work with the development team on a daily basis
• Automate tests of web and embedded applications
• Coordinate release and deployment processes
2. Previous experience:
• At least two years of testing/test automation
• Working in a flexible environment a bonus
3. Technologies/languages/tools:
• Selenium/Komodo
• PowerShell
4. Languages: English
5. Personal characteristics:
• Creative, curious and friendly, willing to learn,
• punctual, responsible, reliable, open-minded thinking and a fast learner
• Cooperative closely within the company R&D areas, and stakeholders

We are waiting for your application!

English (Technical Writing & Reading)

Please send cv to  praca@otieuropa.com

Read more...

On Track Innovations Ltd. Reports First Quarter 2018 Financial Results Q1 2018 Revenues Increase 46% to $5.9 Million

ROSH PINNAIsraelMay 9, 2018 /PRNewswire/ — On Track Innovations Ltd. (OTI) (NASDAQ: OTIV) (the “Company” or “OTI“), a global provider of near field communication (NFC) and cashless payment solutions, has provided a business update and announced financial results for the first quarter ended March 31, 2018.

Company Highlights:

  • Revenues in Q1 2018 grew by 46% to $5.9 million, compared to $4.0 million in Q1 2017.
  • Net loss in Q1 2018 was $333,000, or $(0.01) per share, compared to a net loss of $865,000, or $(0.02) per share in Q1 2017.
  • Positive adjusted EBITDA of $114,000 in Q1 2018, compared with an adjusted EBITDA loss of $309,000 in the same year-ago period.
  • Launched the first cryptocurrency payment solution for automated machines and the micropayment market.
  • Expanded footprint in Poland through new government contracts, including:
    • Recurring revenue contract with the Polish National Post Office (Poczta Polska S.A.) to manage Warsaw’s public transportation “Smart City” card program (i.e. purchase or refill cards for travel via train, bus, or other mode of public transportation). OTI will be providing both the payment portion, as well as the software, in 272 terminals throughout post offices in Warsaw, whereby OTI will manage and control the entire sales and payment process.
    • The design and implementation of the Kasa + passenger support service system
  • Received the following significant purchase orders:
    • 8,000 UNO 8 Readers for the “Smart ATM” market
    • 2,000 cashless payment systems for use in the nascent Japanese market
    • More than 10,000 TRIO readers for use in the North American retail market
    • 1,000 OtiMetry Cashless Payment Solution kits to Polish vending giant AUTOMAT-SPEC

Management Commentary

“The first quarter of 2018 was highlighted by our strong operational execution and growth across several of our business units,” said Shlomi Cohen, Chief Executive Officer of OTI. “This is evidenced by our first quarter revenue growth of 46% and second quarter in a row of positive adjusted EBITDA results as move towards profitability.

“Our continued penetration of public transit markets in Poland and cashless readers in several key global markets, such as Japan and North America, are very promising, while our growing recurring revenue base — which accounted for 24% of revenues in the first quarter — provides us with predictable, high-margin cash flow. In addition, we have several groundbreaking initiatives — such as our cryptocurrency payment solution for automated machines and the micropayment market — which to the best of our knowledge is the first and only of its kind available on the market today.

“As a thought leader in the cashless payment solutions arena, we are confident that our continued innovation and operational execution across all business units has put OTI in a position to continue gaining market share and generate significant value for its shareholders.”

Q1 2018 Financial Highlights

  • Total revenue in the first quarter of 2018 increased by 46% to $5.9 million, compared to $4.0 million in the same year-ago period. The increase was primarily driven by the retail and mass transit ticketing segment of the business, which grew revenues 65% to $4.5 million in Q1 2018, compared to $2.7 million in the same year-ago period.
  • Recurring revenues accounted for 24% of total revenues in Q1 2018, compared to 20% of total revenues in the prior quarter.
  • Gross profit increased to $3.1 million (53% of revenues), a 40% increase over $2.2 million (55% of revenues) in the same year-ago period.
  • Operating expenses totaled $3.4 million in the first quarter, compared to $2.9 million in the same year-ago period.
  • Net loss in Q1 2018 totaled $333,000, or $(0.01) per share, compared to a net loss of $865,000 or $(0.02) per share in the same year-ago period.
  • Positive adjusted EBITDA totaled $114,000 in Q1 2018, compared with an adjusted EBITDA loss of $309,000 in the same year-ago period.
  • Cash and cash equivalents at March 31, 2018 totaled $10.5 million, compared to $10.1 million at December 31, 2017.
  • Positive net cash provided by continuing operation activities totaled $0.9 million in Q1 2018, compared to negative net cash used by totaled $0.7 million in the same year-ago period.

Conference Call

Management will host an investor conference call at 9:00 a.m. Eastern time on May 9, 2018, to discuss OTI’s first quarter 2018 financial results, provide a corporate update, and conclude with a Q&A from participants. To participate, please use the following information:

Date: Wednesday, May 9, 2018
Time: 9:00 a.m. Eastern time
U.S. Dial-in: 1-888-317-6002
International Dial-in: 1-412-317-5245
Webcast: https://www.webcaster4.com/Webcast/Page/1720/25625

Please dial in at least 10 minutes before the start of the call and request to join the “On Track Innovations Q1 2018 Earnings Conference Call” to ensure timely participation.

The conference call will be available for replay by clicking here and via the investor relations section of the company’s website.

Use of Non-GAAP Financial Information

This press release contains certain non-GAAP measures, namely, adjusted EBITDA from continuing operations, or adjusted earnings from continuing operations before interest, income tax, depreciation and amortization. Adjusted EBITDA from continuing operations represents earnings before interest or financing expenses, income tax, depreciation and amortization, and further eliminates the effect of stock based compensation expense, patent litigation and maintenance expenses and other expenses. OTI believes that adjusted EBITDA from continuing operations should be considered in evaluating the Company’s operations since it provides a clearer indication of the Company’s operating results. This measure should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for the U.S. GAAP results. The non-GAAP measures included in this press release have been reconciled to the U.S. GAAP results in the tables below.

 

ON TRACK INNOVATIONS LTD.
RECONCILIATION OF NON-GAAP ADJUSTMENT
The following table reflects selected On Track Innovations Ltd. non-GAAP results reconciled to GAAP results:
(US dollars in thousands)
Three months ended March 31
2018 2017
(Unaudited) (Unaudited)
 Net loss $      (333) $      (865)
  Net loss from discontinued operations 38 83
  Financial expenses, net 32 71
  Depreciation 335 281
  Taxes on income (11) 31
Total EBITDA From continuing operations $        61 $        (399)
 Stock-based compensation 53 90
Total adjusted EBITDA From continuing operations $        114 $        (309)

 

About On Track Innovations Ltd

On Track Innovations (OTI) is a global leader in the design, manufacture, and sale of secure cashless payment solutions using contactless NFC technology. OTI’s field-proven innovations have been deployed around the world to address cashless payment, automated retail and petroleum markets. OTI distributes and supports its solutions through a global network of regional offices and alliances. OTI is the proud recipient of the 2017 AI Award for Best Cashless Payment Solutions Provider – Israel. For more information, visit www.otiglobal.com.

Safe Harbor / Forward-Looking Statements

This press release contains express or implied forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Whenever we use words such as “believe,” “predict,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “would,” “should,” “will,” “can,” “promising” or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss, among others:  our expectations regarding our growth or profitability, traction with our cryptocurrency efforts, our expectations regarding future product launches and growth into new markets  and our expectation of bringing tremendous value to our industry while generating predictable, high-margin, recurring revenues for the Company and great value for our shareholders.  Forward-looking statements are made as of the date of this document and are inherently subject to risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements.  Additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements are stated under the captions “Risk Factors” in our most recent Annual Report (Form 10-K) and other known and unknown uncertainties and risk factors including those detailed from time to time in the Company’s filings with the Securities and Exchange Commission.  Forward-looking statements are made as of the date of this release, and we expressly disclaim any obligation or undertaking to update forward-looking statements. The reader is cautioned not to place undue reliance on forward-looking statements.

 

 

ON TRACK INNOVATION LTD.
INTERIM UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
(US dollars in thousands)
March 31 December 31
2018 2017
Assets
Current assets
Cash and cash equivalents $     8,378 $      6,742
Short-term investments 2,157 3,331
Trade receivables (net of allowance for doubtful
 accounts of $566 and 568 as of March 31, 2018
 and December 31, 2017, respectively) 4,897 5,827
Other receivables and prepaid expenses 1,280 1,563
Inventories 3,051 3,009
Total current assets 19,763 20,472
Long-term restricted deposit for employees benefit 491 498
Severance pay deposits 400 405
Property, plant and equipment, net 5,979 5,859
Intangible assets, net 296 336
Total Assets $      26,929 $      27,570

 

 

ON TRACK INNOVATION LTD.
INTERIM UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
(US dollars in thousands)
March 31 December 31
2018 2017
Liabilities and  Equity
Current Liabilities
Short-term bank credit and current maturities
  of long-term bank loans $          4,244 $          4,181
Trade payables 5,969 6,264
Other current liabilities 2,397 2,421
Total current liabilities 12,610 12,866
Long-Term Liabilities
Long-term loans, net of current maturities 694 814
Accrued severance pay 932 939
Deferred tax liability 464 500
Total long-term liabilities 2,090 2,253
Total Liabilities 14,700 15,119
Commitments and Contingencies, see note 5
Equity
Ordinary shares of NIS 0.1 par value: Authorized –
50,000,000 shares as of March 31, 2018 and
December 31, 2017; issued: 42,353,077 shares as
of March 31, 2018 and December 31, 2017;
outstanding: 41,174,378 shares
as of  March 31, 2018 and December 31, 2017 1,064 1,064
Additional paid-in capital 224,811 224,758
Treasury shares at cost – 1,178,699 shares as of March 31,
   2018 and December 31, 2017 (2,000) (2,000)
Accumulated other comprehensive loss (633) (691)
Accumulated deficit (211,013) (210,680)
Total Equity 12,229 12,451
Total Liabilities and Equity $       26,929 $       27,570

 

 

ON TRACK INNOVATION LTD.
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(US dollars in thousands, except share and per share data)
Three months ended March 31
2018 2017
Revenues
Sales $           4,481 $           2,780
Licensing and transaction fees 1,381 1,240
Total revenues 5,862 4,020
Cost of revenues
Cost of sales 2,754 1,800
Total cost of revenues 2,754 1,800
Gross profit 3,108 2,220
Operating expenses
Research and development 830 702
Selling and marketing 1,645 1,342
General and administrative 907 856
Total operating expenses 3,382 2,900
Operating loss from continuing operations (274) (680)
Financial expenses, net (32) (71)
Loss from continuing operations before taxes on income (306) (751)
Income tax benefits (expenses) 11 (31)
Net loss from continuing operations (295) (782)
Net loss from discontinued operations (38) (83)
Net loss $        (333) $        (865)
 

Basic and diluted net loss attributable to

 shareholders per ordinary share
From continuing operations $          (0.01) $         (0.02)
From discontinued operations  $                * $                 *
$          (0.01) $         (0.02)
Weighted average number of ordinary shares used in
computing basic and diluted net loss per ordinary share
41,214,378 41,079,580
* Less than $0.01 per ordinary share.

 

 

ON TRACK INNOVATION LTD.
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW
(US dollars in thousands)
Three months ended March 31
Three months ended March 31 2018 2017
Cash flows from continuing operating activities
Net loss from continuing operations $              (295) $              (782)
Adjustments required to reconcile net loss to
net cash used in continuing operating activities:
Stock-based compensation related to options issued
  to employees and others 53 90
Accrued interest and linkage differences, net 14 (26)
Depreciation and amortization 335 281
Deferred tax, net (11) 9
Changes in operating assets and liabilities:
Accrued severance pay, net (3) 28
Decrease in trade receivables, net 944 423
Decrease (increase) in other receivables and prepaid expenses 301 (234)
Increase in inventories (35) (343)
Decrease in trade payables (401) (693)
(Decrease) increase in other current liabilities (51) 569
Net cash provided by (used in) continuing operating activities 851 (678)
Cash flows from continuing investing activities
Purchase of property and equipment (322) (35)
Change in short-term investments, net 1,164 1,651
Proceeds from restricted deposit for employee benefits 44
Investment in capitalized product costs (13) (88)
Net cash provided by continuing investing activities 829 1,572
Cash flows from continuing financing activities
Increase in short-term bank credit, net 33 112
Repayment of long-term bank loans (144) (222)
Proceeds from exercise of options and warrants 2
Net cash used in continuing financing activities (111) (108)
Cash flows from discontinued operations
Net cash used in discontinued operating activities (16) (68)
Total net cash used in discontinued operations (16) (68)
Effect of exchange rate changes on cash and cash equivalents 63 239
Increase in cash, cash equivalents and restricted cash 1,616 957
Cash, cash equivalents and restricted cash-beginning of the period 7,799  (*)  7,500
Cash, cash equivalents and restricted cash-end of the period $               9,415 $          (*)  8,457
(*)           Reclassified to conform with the current period presentation, based on  Accounting Standards Update 2016-18,
Statement of Cash Flows (Topic 230)

Investor Relations Contact:


Greg Falesnik
MZ North America
1-949-385-6449
Greg.Falesnik@mzgroup.us

Read more...

On Track Innovations to Host Corporate Update Webinar on May 22nd at 11:30 a.m. EDT

ROSH PINNA, Israel, May 8, 2018 —  On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, will host a virtual webinar on Tuesday, May 22, 2018 at 8:30 a.m. Pacific time (11:30 a.m. Eastern time).

Management will be presenting an overview of the business model, growth initiatives and key milestones. The call will be accompanied by a presentation which can be accessed via the webcast link below.

Shlomi Cohen, CEO, will host the call followed by a question and answer session. To access the call, please use the following information:

Date: Tuesday, May 22, 2018

Time: 8:30 a.m. Pacific time (11:30 a.m. Eastern time)

Dial-in: +1-877-407-0784

International Dial-in: +1-201-689-8560

Webcast: http://public.viavid.com/index.php?id=129550

A telephone replay will be available approximately two hours after the call and will run through May 29, 2018 by dialing 1-844-512-2921from the U.S., or 1-412-317-6671 from international locations, and entering replay pin number: 13679462.

OTI Global

On Track Innovations (OTI) is a global leader in the design, manufacture, and sale of secure cashless payment solutions using contactless NFC technology. OTI’s field-proven innovations have been deployed around the world to address cashless payment and management requirements for the Internet of Payment Things (IoPT), wearables, automated retail and petroleum markets. OTI distributes and supports its solutions through a global network of regional offices and alliances. OTI is the proud recipient of the 2017 AI Award for Best Cashless Payment Solutions Provider – Israel. For more information, visit http://www.otiglobal.com.

Safe Harbor for Forward-Looking Statements

This press release contains express or implied forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Whenever we use words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “will,” or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss our expectations regarding our growth or profitability, expected divestitures, plans for our existing and new products and services, penetration of new markets and securing new customers, and deliver long-term shareholder value. Because such statements deal with future events and are based on OTI’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of OTI could differ materially from those described in or implied by the statements in this press release. Forward-looking statements could be impacted by the effects of the protracted evaluation and validation periods in the U.S. and other markets for contactless payment cards, or new and existing products and our ability to execute production on orders, as well as other risks and uncertainties, including those discussed in the “Risk Factors” section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2017, and in subsequent filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be achieved. Except as otherwise required by law, OTI disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or circumstances or otherwise. The reader is cautioned not to place undue reliance on forward-looking statements.

Investor Relations Contact:

Greg Falesnik
MZ North America
+1-949-385-6449
Greg.Falesnik@mzgroup.us

Read more...

OTI is seeking a Talented Embedded Software Developer

Location: Rosh Pinna HQ

Job Description:

  • Develop high-quality embedded software
  • Join a great team developing a variety of innovative payment products
  • Three years’ experience in embedded development – MUST

Characteristics:

  • Great interpersonal skills
  • Independent and team player
  • Innovative, creative, flexible thinking
  • Fast learner
  • Reliable and responsible

Education:

Computer Science / Software engineering 

Fluent in English (Technical Writing & Reading)

Please send cv to danielle@otiglobal.com

Read more...

OTI is seeking a Talented Production Engineering Manager

Location: Rosh Pinna HQ

Job Description:

  • Managing the ME group.
  • Managing the NPI process from R&D stage to production.
  • Documentation Control and production tools and jigs.
  • EOL & PLC of released products, new P/N & AVL.
  • Configuration Control and change process (ECN/O/N).
  • Mechanical design knowledge, Plastic mold, and plastic molding proses is a must.
  • Electronic Eng. Knowledge (PCB & PCBA process)
  • Electronic components alternative finding (component Eng.,)
  • Vast Knowledge in ATE tools, ATE ENG, And production jigs.
  • Sub-contractors managing and FTK process.
  • ERP Oracle system knowledge is an advantage.

Job requirements and education level:

  • BSC in Mechanical Eng., Or Electronic Eng.,
  • Team Management.
  • Vast Experience in Eng. management of Electronic product mechanical and SW.
  • Experienced in FTK subcontractor managing (Elc, Mech, & SW)
  • SolidWorks & OrCADcad systems is a must.
  • Fluent in English (Technical Writing, Reading)

Please send cv to danielle@otiglobal.com

Read more...

On Track Innovations Ltd. to Report First Quarter 2018 Financial Results and Host a Conference Call on Wednesday, May 9th at 9 a.m. Eastern time

ROSH PINNA, ISRAEL – April 25, 2018 – – On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, will release financial results for the first quarter ended March 31, 2018 before market open on Wednesday, May 9th at 9 a.m. Eastern time.

Management will host an investor conference call at 9:00 a.m. Eastern time on May 9, 2018, to discuss OTI’s first quarter 2018 financial results, provide a corporate update, and conclude with a Q&A from participants. To participate, please use the following information:

Q1 2018 Conference Call and Webcast

Date: Wednesday, May 9, 2018

Time: 9:00 a.m. Eastern time

U.S. Dial-in: 1-888-317-6002

International Dial-in: 1-412-317-5245

Webcast: https://www.webcaster4.com/Webcast/Page/1720/25625

Please dial in at least 10 minutes before the start of the call and request to join the “On Track Innovations Q1 2018 Earnings Conference Call” to ensure timely participation.

The conference call will be available for replay by clicking here and via the investor relations section of the company’s website.

About OTI

On Track Innovations (NASDAQ: OTIV) is a global leader in the design, manufacture, and sale of secure cashless payment solutions using contactless NFC technology. OTI’s field-proven innovations have been deployed around the world to address cashless payment and management requirements for the Internet of Payment Things (IoPT), wearables, automated retail and petroleum markets. OTI distributes and supports its solutions through a global network of regional offices and alliances. OTI is the proud recipient of the 2017 AI Award for Best Cashless Payment Solutions Provider – Israel. For more information, please visit www.otiglobal.com.

 

Safe Harbor for Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Whenever we use words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “will,” “estimate” or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss our expectations regarding our growth or profitability, reduction of costs and expenses, expected divestitures, plans for our existing and new products and services, penetration of new markets and securing new customers, contributions of our regions to our growth, resolution of our outstanding patent infringement claims, strengthening of our balance sheet and delivery long-term shareholder value. Because such statements deal with future events and are based on OTI’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of OTI could differ materially from those described in or implied by the statements in this press release. Forward-looking statements could be impacted by the effects of the protracted evaluation and validation periods in the U.S. and other markets for contactless payment cards, or new and existing products and our ability to execute production on orders, as well as other risks and uncertainties, including those discussed in the “Risk Factors” section and elsewhere in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, and in subsequent filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be achieved. Except as otherwise required by law, OTI disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or circumstances or otherwise. The reader is cautioned not to place undue reliance on forward-looking statements.

 

OTI Press Contact:

Richard Harris

Marketing Manager

press@otiglobal.com

 

OTI Investor Relations Contact:

Greg Falesnik

Managing Director

MZ Group – MZ North America

Main: 949-385-6449

OTIV@mzgroup.us

Read more...